Property prices edge lower in Dec qtr

Property prices edge lower in Dec qtr

by 0 comments

Staff Reporter

Established property prices fell by one per cent over the December quarter, new research has revealed.

According to the latest ABS Index of Established House Prices, properties prices are now, on average, 4.8 per cent lower than December 2010.

“The ABS existing house price series reveals annual declines in established house prices for all eight capital cities, and quarterly declines with the exceptions of Perth, Hobart, and Canberra,” Housing Industry Association (HIA) chief economist Harley Dale said.

“Today’s update does bear some resemblance to the annual declines evident in late 2008 and early 2009. There are, of course, enormous variations in house prices within and across cities (and regions) in Australia, but as was the case in 2008/09, the widespread price plunge portended by some for 2011 predictably never emerged.”

Mr Dale said lower interest rates would ultimately feed into an improved environment in 2012, although he does not expect to see a return to widespread strong house price growth.

Staff Reporter

Established property prices fell by one per cent over the December quarter, new research has revealed.

According to the latest ABS Index of Established House Prices, properties prices are now, on average, 4.8 per cent lower than December 2010.

“The ABS existing house price series reveals annual declines in established house prices for all eight capital cities, and quarterly declines with the exceptions of Perth, Hobart, and Canberra,” Housing Industry Association (HIA) chief economist Harley Dale said.

“Today’s update does bear some resemblance to the annual declines evident in late 2008 and early 2009. There are, of course, enormous variations in house prices within and across cities (and regions) in Australia, but as was the case in 2008/09, the widespread price plunge portended by some for 2011 predictably never emerged.”

Mr Dale said lower interest rates would ultimately feed into an improved environment in 2012, although he does not expect to see a return to widespread strong house price growth.

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

With a combined sales volume of over $14 billion in 2017, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
How this agent grew his database by 50% in five years

In this episode of Secrets of the Top 100 Agents, Robert Pignataro joins host Tim Neary to explain how he increased his personal database by...

View all podcasts

Does the benefit of being part of a branded group outweigh the cost?

Yes
No
Depends on the group
Do you have an industry update?